Services Sector Review: Google Investigated, Getty Realty

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Getty Realty Corp. (NYSE:GTY): As a result of the Marketing bankruptcy and related developments the company has concluded that it is probable it will not receive the contractual lease payments from Marketing when due for the remaining term of the Master Lease.Therefore, during Q4 the company recorded a non-cash allowance for deferred rental revenue of $8.7M – in addition to the $11M allowance recorded during Q3 of 2011 – fully reserving for the deferred rent receivable relating to the Master Lease. It is possible that as a result of the Marketing Bankruptcy or other factors, the company may be required to take additional charges related to Marketing and the Master Lease.

The shares closed at $14.25, down $1.71, or 10.71%, on the day. Its market capitalization is $475.87 million.

Google Inc. (NASDAQ:GOOG): U.S. and EU regulators are investigating Google (NASDAQ:GOOG) for bypassing privacy settings of millions of users of Apple’s (NASDAQ:AAPL) Safari browser, sources say, the Wall Street Journal reports.

The shares closed at $625.04, up $3.91, or 0.63%, on the day. Its market capitalization is $203.22 billion.

Amazon.com, Inc. (NASDAQ:AMZN): A supply chain source said that Google’s (NASDAQ:GOOG) agreement to have ASUS produce it upcoming Nexus tablet is a “done deal,” and believes the device will not use an NVDIA (NASDAQ:NVDA) quad-core Tegra 3 processor in order to come in at a price point as low as $149, which would undercut Amazon.com’s (NASDAQ:AMZN) Kindle Fire, according the the blog Android and Me.

The shares closed at $185.05, up $0.62, or 0.34%, on the day. Its market capitalization is $84.21 billion.

AT&T Inc. (NYSE:T): In India, the government has proposed legislation allowing it to retroactively tax overseas mergers in which an underlying Indian asset is transferred, and which likely will upset foreign companies, reports the Wall Street Journal. Such a move would override the effect of a recent Supreme Court decision in favor of Vodafone Group (NASDAQ:VOD).

The shares closed at $31.59, down $0.05, or 0.16%, on the day. Its market capitalization is $187.29 billion.

Wal-Mart Stores, Inc. (NYSE:WMT): Wal-Mart (NYSE:WMT) started selling Apple’s (NASDAQ:AAPL) new iPad at 12:01 local time on March 16, Business Insider reports. Other retailers, including the Apple store itself, will begin selling the new device at 8am.

The shares closed at $60.84, down $0.39, or 0.64%, on the day. Its market capitalization is $208.36 billion.

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To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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